Commodity Daily Insights 26th August 2026 By - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Gold remained firm around $4,650 an ounce on Wednesday, holding near a three-month high as investors adopted a cautious stance ahead of key U.S. inflation data. The upcoming PCE price index, the Federal Reserve's preferred measure of inflation, is expected to provide fresh clues on the outlook for monetary policy. Silver also continued to strengthen, benefiting from the broader momentum across precious metals.
Market focus is also shifting toward Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium on Friday. While investors are unlikely to receive definitive guidance on the September policy decision, any indication of the Fed's broader stance on inflation and interest rates could influence the dollar, Treasury yields and precious metals.
Gold is also benefiting from a softer macro backdrop, with crude oil extending its decline for a third consecutive session and easing concerns over energy-driven inflation. Meanwhile, the U.S. Treasury's expanded buyback program continues to influence bond-market sentiment and has contributed to weakness in the dollar. Underlying physical demand remains supportive as well. China's net gold imports through Hong Kong rose around 11% month-on-month in July, pointing to continued strength in investment demand and providing an additional fundamental support for the precious metal.
Crude oil tumbled on Wednesday, with WTI futures slipping below $81 per barrel and extending losses for a third consecutive session as investors assessed signs of progress toward easing tensions around the Strait of Hormuz. Iran and Oman have reportedly discussed establishing a temporary joint maritime corridor, with technical talks expected to continue on arrangements covering traffic management, information sharing and maritime security.
Diplomatic efforts also gathered momentum, with Pakistan's army chief visiting Tehran and Qatar continuing its mediation efforts. Oil prices have also faced pressure after the latest U.S. measures against Iran were viewed as less aggressive than expected, with Washington stopping short of imposing secondary sanctions on Iran's trading partners. Market attention now shifts to today's U.S. government weekly inventory report, which could provide fresh direction on the near-term supply-demand balance
Gold
• Trading Range: 160100 to 163450 .
• Intraday Trading Strategy: Sell Gold Mini Sep Fut at 162500-162525 SL 163450 Target 161780/160900
Silver
• Trading Range: 248010 to 257580
• Intraday Trading Strategy: Buy Silver Mini Nov Fut at 252100-252125 SL 250800 Target 255480/256075
Crude Oil
• Trading Range: 7475 to 7800
• Intraday Trading Strategy: Sell Crude Oil Sep Fut at 7750-7755 SL 7850 Target 7625/7550
Natural Gas
• Trading Range: 262 to 287
• Intraday Trading Strategy: Buy Natural Gas Aug Fut at 270-270.5 SL 265.25 Target 277.50/282
Copper
• Trading Range: 1392 to 1419
• Intraday Trading Strategy: Buy Copper Sep Fut at 1401-1402 SL 1397 Target 1407.5/1409.0
Zinc
• Trading Range: 409 to 424
• Intraday Trading Strategy: Buy Zinc Sep Fut at 412.0 412.80 SL 409.0 Target 417.8/419.0
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